- Country: India
- Industry: Technologies
- Stage: Initial growth (first revenues)
- Investment size: $2,000,000 / min. $500,000
- Type of investment: Debt
IRIX is a company focused on developing products and solutions that would enable banks to reach and provide banking services to rural population.
Our product OLiO, deployed on mobile phones provides the last mile connectivity for banks and financial institutions in rural villages through business correspondent agents. Using OLiO, banks and financial institutions can offer all their services including deposits, remittance, utility payments, insurance, etc. to the mass seamlessly in secured manner. Banks can not only meet their mandate of financial inclusion, but also reap tangible and sustained benefits by rolling out their other services to the rural mass.
Currently OLiO has being successfully piloted in 35 Villages for 2 banks in Karnataka, Andhra Pradesh and Goa.
Among the plans of Reserve Bank of India are the following:
* All villages above 2000 population to be provided access to financial services by March 2012
* Villages below 2000 population to be covered in an integrated manner.
* Banking services to be provided to the entire population residing in Urban and Metro Centers – Urban Financial Inclusion
* Approximately 3,50,000 villages to potentially be provided with financial services by March 2013 under FIPs of banks submitted to RBI
* Banks and Government Agencies have validated OLiO as a futuristic product for financial inclusion;
* A strong core management and development team with experience in similar solutions is involved;
* Unique business processes are proposed for service delivery optimization and value for the end user;
* Very advanced features like face identification/detection on basic mobile phones are included in the product;
* The product supports almost all the financial products that bank may have.
* Multiple financial products on single platform
* Seamless integration with core banking systems
* Innovations like face identification and recognition on mobile phones
Use of financing
* OLiO clients - provision with different devices
* Expanding operations in India
* Exploring markets in Africa and South Asia
Looking for similar investment opportunities